Mining Tax
The Resource Super Profits Tax (also known as mining tax) will change the way non-renewable resources are taxed in Australia. Find out more about this tax reform at www.futuretax.gov.au website.
Resource Super Profits Tax
The plan for the new resource super profits tax, or mining tax, received a lot of publicity, as expected. However, with all of that, the mainstream media failed to provide enough details on what it actually is, apart from running a scare campaign that the new tax will discourage future investments in mining, decrease people’s superannuation and result in massive job losses. But is it all true?
The government has launched an information website for the proposed tax reform – futuretax.gov.au. It provides detailed information on the new tax system and offers extensive answers on various questions people may have. Here are some of them – taken directly from that tax reform website:
- Why should miners pay another tax?
- Governments should not give away publicly owned resources for free – for example land – simply because a company pays company tax.
- Will this tax cause electricity prices to rise?
- The RSPT is a tax on super profits only. As such, it should not affect the prices at which gas and coal are sold into the domestic market.
- What about impact on other prices?
- The introduction of the RSPT and the cut in company tax will reduce consumer prices, by making our economy more competitive.
There are two publications available for download that outline the mining tax in a greater detail: Resource Super Profits Tax – a fair return to the nation – publication and a fact sheet.
What do you think about this mining super tax? Share your thoughts and concerns below – let your voice be heard.
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The review "Mining Tax" was last updated on 07/6/10.
